Can I sell my house for what it worth though I owe the mortgage company more?

Get Legal Help Today

 Secured with SHA-256 Encryption

Can I sell my house for what it worth though I owe the mortgage company more?

I’m unemployed (just got laid off) and want to keep my house but the new mortgage company wants to take it from me. Iwas in the process of a loan modification withe the old company when the mortgage was sold.

Asked on December 10, 2011 under Real Estate Law, Georgia

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You can sell your home where the loan secured by your property is more than what the property's fair market value if the lender is willing to take less on being paid the full amount of the secured loan. Your situation is that would be called a "short sale".

"Short sales" are challenging and are very frequent in this country presently. The hang up in getting a "short sale" transaction closed is for the lender on the loan secured by the property being sold to sign a "short sale" addendum for the sales price agreed to by the seller and buyer where the lender takes less out of escrow on the amount of its secured loan.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption